Former US President Donald Trump faces challenges securing a private company willing to underwrite the $464 million (£365 million) bond required following a civil judgment related to fraud charges in New York state.
As reported by the BBC, Trump is compelled to either pay the full amount in cash or secure a bond to proceed with an appeal. On the final day of the trial, Trump’s legal representatives said obtaining a bond of such magnitude was practically impossible.
Trump’s search for bonding companies capable of covering this amount has been unsuccessful, as revealed in a legal document submitted to the court.
Donald Trump Jr., Trump’s eldest son, is also implicated in this significant financial liability. Judge Arthur Engoron imposed a three-year prohibition on their involvement in business activities within the state, citing an overvaluation of assets to secure favourable loan conditions.
Although a stay on Trump’s business restrictions was approved last month, the request to lower the bond from $300 million to $100 million was not granted.
Former federal prosecutor Diana Florence remarked on the rarity of imposing such severe penalties on individuals, noting they are more typically applied to corporations.
Despite Forbes estimating Trump’s net worth at around $2.6 billion, with $400 million in liquid assets, the $464 million judgment and other legal costs place him in substantial financial difficulty.
